Eligibility is limited to U.S. citizens and permanent residents. The loan limit is $20,500 per academic year; up to $8,500 may be interest free while in school depending on the applicant's financial need as reflected on the Student Aid Report (SAR).

Repayment is deferred until six months after the student graduates (or ceases at least half-time enrollment). The federal loan program offers a fixed 6.8 percent rate.

Steps to apply

1. Complete the FAFSA form, available at www.fafsa.ed.gov        
2. Complete and submit the Federal Direct Loan Application, available on our Web site        
3. Submit your current federal tax return

Once in repayment, you must make 12 required monthly payments on time or the rebate amount will be added back to the principal balance on your loan. Interest will begin to accrue once the loan is disbursed. Repayment begins 60 days after the last disbursement, however, a student enrolled at least half-time is eligible for in-school deferment by request. The standard repayment term is 10 years and can be extended up to 25 years based on the amount borrowed. The fixed rate on Grad PLUS is 7.9 percent. The Grad PLUS program requires a separate application. To apply, go to our Web site at www.gradschool.cornell.edu.

If you are a first-time borrower, you must complete a Direct Loan Entrance Counseling Form. Look for the tab on the EMPN Web site, or go to www.dlssonline.com to complete the form. Please Note: Your FAFSA PIN is required to complete this process. If you do not have a valid PIN, please go to the Department of Education PIN site at www.pin.ed.gov. You will need reference information for yourself and your next of kin, as well as two additional references.

Once you have completed the EMPN and the Entrance Counseling Form, Cornell will disburse the semester's funds to your bursar account.

The Federal Direct Loan Program at Cornell University uses an online Master Promissory Note (MPN). In order for the Grad Plus Loan to be disbursed, a Master Promissory Note (MPN) must be signed. To complete the MPN, plese go to the Department of Education's Federal Direct Loan web site loacated at: www.dlenote.ed.gov Your FAFSA PIN is required. If you do not have a valid PIN, please go to the Department of Education PIN site at www.pin.ed.gov to request one.

ALTERNATIVE LOANS
Private or alternative loans allow students to round out their aid packages by covering unmet needs or family contributions. Loan limits are determined by the cost of attendance, as determined by the Graduate School, less all other aid. The Cornell Graduate School Financial Aid Office determines the yearly limit for each student. Lenders often have a debt ceiling that can impact the amount a student is eligible to borrow. Private loan interest rates and borrowing eligibility are based upon an applicant's credit rating. It is vital that you review your credit history before applying for these loans.

How do I apply for private loans?
Many private lenders have Internet and telephone application processes.

How do I decide on a lender?
The selection of a private lender is the student's choice. Many vendors offer educational loans. Any list of vendors provided by the Graduate School is a partial listing of the largest commercial lenders compiled based on services offered to students, interest rates, and past loans taken out by students. The Graduate School receives no compensation or items of value from these vendors. Students should consult with lenders regarding loan terms, particularly whether or not lenders sell loans and if terms or conditions beneficial to the borrower travel with the loans that are sold.

Do lenders pull credit reports?
Yes. A lender will determine whether or not they want to lend to you based on your credit history. If you think your credit might be an issue, pull your credit report and make any corrections you can. The Grad PLUS loan program has more flexible credit requirements.

If I am turned down for a loan, can I borrow from Cornell or can Cornell University secure a loan for me?
No. Cornell does not have an internal lending program. If you are turned down for a loan, we cannot secure a loan for you.

Books and Supplies
The allowance for books and supplies is sufficient for the purchase of all required books and supplies.

Personal Expenses
The personal allowance covers necessary student-related living expenses other than room and board and student health insurance, such as routine costs of transportation to and from campus, (including parking fees) and basic telephone service.

Additional expenses, up to but not exceeding the amount listed here, can be used to increase the cost-of-attendance amount, but this is determined on a case-by-case basis after a student submits appropriate documentation and completes the budget-increase form, available on our Web site.

Allowed additional expenses:

• Car insurance
  
• Car payments and repairs
  
• Credit card debt
  
• Expenses related to your job search
  
• Fall, winter and spring break travel or trips
  
• Furniture
  
• Moving expenses
  
• Personal gifts
  
• Security deposits, first and last months rent
  
• Sport and fitness club fees